Harmonic Energy, Inc. (PINK:ASUV) – Going Down For The Count
The times are hard for Harmonic Energy, Inc. (PINK:ASUV). Yesterday they plummeted another 39% to close at $0.1, marking it as the last plunge in a continues downward trend.
Harmonic Energy, Inc. is a company focused on tyre manufacturing and recycling with emphasis on energy efficiency and sustainability. Their intentions may be admirable but in the business world you need more than that. All their recent press releases have had only one goal – to calm down their investors and ensure them that everything is going according to plan. Well, the chart speaks about how successful those attempts were.
Their latest 10-Q report for the period ending January 31 did nothing to improve ASUV‘s situation. In it they disclose the following:
- $27 thousand cash
- $572 thousand total assets
- $437 thousand total liabilities
- $51 thousand net loss
- no revenues for the past year
What investors most likely found even more discouraging is the fact that ASUV will also require substantial new equity financing in the approximate amount of $50 million to pursue their planned tyre recycling operations. For now they have successfully signed a non-binding Term Sheet for $10 million in funding with a still unnamed private investment group.
ASUV‘s downfall began right at the end of their last pump campaign. Back then they were targeted by SUPERST0CKPLAYS for a short-lived promotion with a budget of $10 000.
Short on funding and revenues still a distant dream, ASUV is a highly volatile stock. Seeing their low price levels it is not unlikely for them to once again be targeted by pump promotions. In order to avoid any unpleasant surprises be sure to do your own due diligence.
